Comments for Find Better Value http://findbettervalue.com A Look at Money, Careers, Life, and Photography Wed, 23 Jul 2008 17:46:24 +0000 http://wordpress.org/?v=2.6 Comment on Housing Foreclosure Prevention Act of 2008 (HR 3221) by Top CD Rates http://findbettervalue.com/2008/06/27/housing-foreclosure-prevention-act-of-2008-hr-3221/#comment-4787 Top CD Rates Thu, 03 Jul 2008 00:01:57 +0000 http://findbettervalue.com/?p=108#comment-4787 Michael, are you saying that basically in agreeing to this bail-out the banks will be reporting all payments made, not just the ones on the distressed borrowers? This is really a bail-out for both the "distressed" and the banks. The "distressed" will get to keep their home and have the loan re-written at a lower value. That doesn't seem right. Since when do you get to go to your bank or credit union and just tell them, I don't want to pay you back $400,000. I only feel like paying you $200,000. The banks don't have to take the property back and will probably recover more through the re-written loan than they would otherwise. It just smells all the way around. Michael, are you saying that basically in agreeing to this bail-out the banks will be reporting all payments made, not just the ones on the distressed borrowers?

This is really a bail-out for both the “distressed” and the banks. The “distressed” will get to keep their home and have the loan re-written at a lower value. That doesn’t seem right. Since when do you get to go to your bank or credit union and just tell them, I don’t want to pay you back $400,000. I only feel like paying you $200,000.

The banks don’t have to take the property back and will probably recover more through the re-written loan than they would otherwise.

It just smells all the way around.

]]> Comment on Housing Foreclosure Prevention Act of 2008 (HR 3221) by BetterValue http://findbettervalue.com/2008/06/27/housing-foreclosure-prevention-act-of-2008-hr-3221/#comment-4657 BetterValue Sun, 29 Jun 2008 02:30:25 +0000 http://findbettervalue.com/?p=108#comment-4657 Yes, it is one thing I did not bring up. Many people covering the bill forget to mention that. If the bill passes, the federal government will know everything we buy online, down to very last widget you bid for on Ebay. Where are the privacy advocates? Yes, it is one thing I did not bring up. Many people covering the bill forget to mention that. If the bill passes, the federal government will know everything we buy online, down to very last widget you bid for on Ebay. Where are the privacy advocates?

]]> Comment on Housing Foreclosure Prevention Act of 2008 (HR 3221) by Michael Stapp http://findbettervalue.com/2008/06/27/housing-foreclosure-prevention-act-of-2008-hr-3221/#comment-4635 Michael Stapp Sat, 28 Jun 2008 13:41:58 +0000 http://findbettervalue.com/?p=108#comment-4635 There is also a provision included that banks, and quasi-banks - like paypal - will be required to report 100% of payments made, reporting the receiving party and their taxpayer identification number. Translation -- the IRS wants to know every sale made in the country, and they will burden our credit card companies, banks, and quasi-banks with the enforcement. Just another unfunded mandate transfered from our government to the public. There is also a provision included that banks, and quasi-banks - like paypal - will be required to report 100% of payments made, reporting the receiving party and their taxpayer identification number. Translation — the IRS wants to know every sale made in the country, and they will burden our credit card companies, banks, and quasi-banks with the enforcement. Just another unfunded mandate transfered from our government to the public.

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